According to a recent survey published by homebuyer.com, which ranked the states from most costly to least expensive for purchasing a home in the United States, it is unfortunate that Oregon and Washington made the list of the most expensive states.
When it comes to homeownership, the Pacific Northwest is among the most expensive regions in the country, at least according to the findings of a mortgage company that looked at data on median home value and median household income to determine what percentage of a household’s income went toward paying a mortgage payment in each state.
According to the research, Oregon is the third most costly state to buy a house, and Washington is the fourth most expensive state to buy a house. These rankings were based on data from the World Population Review and the United States Department of Housing and Urban Development.
According to the statistics, the median home price in Oregon is $312,200, which is less than the median home price in Washington, which is $339,000; yet, when compared to the median household income, paying a mortgage in Oregon is more difficult to finance.
Mortgage payments are predicted to cost $1,483.30 per month in Oregon, whilst in Washington, they are estimated to cost $1,610.63 per month.
According to the findings of the study, buying a home in Hawaii and California are the only two states where it is more expensive to do so.
The state of Colorado comes in at number five on the list of most expensive states.
Homebuyer.com also compiled a list of the states with the lowest median home purchase prices. Topping that ranking are Iowa, Indiana, Ohio, Nebraska, and Kansas.
In the state of Iowa, the median price of a property is $147,800, and the anticipated monthly payment on a mortgage is $702. According to the findings of the survey, a household in Hawkeye State has to have a salary that is 10.6% over the median in order to afford a property.
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